What you describe is similar to my approach (scanning LP covers and labels before entering a record if it's not in the database already). As far as album covers go, it's easier for me as my scanner is able to handle legal size (8.5" x 14"), thus I only have to put together two parts rather than four. And with Photoshop, I'm able to make it more seamless and less obvious that the images are from two separate scans. (It's all in the alignment and erasing edges in airbrush mode.)